CBN has introduced investment bank accounts for Nigerians in the diaspora.
NewsOnline Nigeria reports that the Central Bank of Nigeria, CBN, on Friday announced it has introduced the Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident Nigerian Investment Account (NRNIA) for Nigerians in the diaspora.
CBN disclosed this in a circular to all authorized dealer banks and the general public noting that NRNOA will enable Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies.
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The apex bank also said that the NRNIA will enable NRNS to invest in assets in Nigeria in either foreign currency or local currency (Naira).
The circular signed by Ag. Director, Trade and Exchange Department, CBN, Dr. W.J Kanya stated: “The Central Bank of Nigeria is pleased to inform the general public of the introduction of the NRNOA and NRNIA targeted at Nigerians in the diaspora.
“The NRNOA enables Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies, while the (NRNIA) enables Non-Resident Nigerians (NRNS) to invest in assets in Nigeria in either foreign currency (FCY) or local currency (Naira).
“Account holders may maintain both a foreign currency (FCY) account and/or a local currency (Naira) account to facilitate transactions and participate in diverse investment opportunities.
“The benefits derivable include but are not limited to the following: Improved access for NRNs to opportunities in the Nigerian economy and increased contribution of diaspora community to the socio-economic development of Nigeria.
“NRNS can use their NRNIA to participate in Nigeria’s Diaspora Bond and other debt instruments issued locally specifically targeted at the Nigerian diaspora or available to the investing public.
“The account will also serve as a conduit for NRNs to manage their funds directly in a safe and secure environment, and reduce the reliance on third parties in meeting local
commitments and obligations.
“Effective 1st January 2025, eligible NRNS shall have the opportunity to own any of the Non-resident Nigerian accounts, subject to meeting KYC requirements which will be made available in FAQs to be released soon.
“This policy is without prejudice to Memorandum 17 of the CBN Foreign Exchange Manual (2018).”
